IRS offers tax tips; financial planner says to look to future

Published: Sunday, March 31, 2013 at 4:30 a.m.

Last Modified: Thursday, March 28, 2013 at 5:07 p.m.

While the filing deadline for 2012 tax returns is quickly approaching, a local financial planner said it’s also important to plan for the next tax cycle.

“You can empower yourself by controlling the future,” said Peter G. Voisin, financial advisor for Ameriprise Financial in Hendersonville.

Taxpayers should be prepping for their next filing immediately, especially with all the changes in the tax code that will affect their 2013 filing.

“There should be realistic goal-setting that should be within your reach,” he said.

Voisin recommends working with a tax professional or online tax preparation software that helps the taxpayer to get ready for the next tax season.

For those still working on their 2012 tax returns, IRS spokesperson Dan Boone offers the following tips:

u E-filing taxes is fast, easy and accurate and for most people it’s free, Boone said in a news release. The IRS’ Free File partnership with several tax software companies allows most filers to prepare and e-file their returns free online. Filing for extensions is free as well through IRS Free File, but must be filed by April 15.

u Many lower-income workers, including rural residents and some grandparents raising grandchildren, miss out on the Earned Income Tax Credit each year. Even if you couldn’t claim EITC on previous tax returns, changes in your income or marital status or having a child may allow you claim it for 2012. If you worked some part of last year and your household income was below $50,270, you may qualify for the EITC. Use the EITC Assistant at IRS.gov to find out.

u Beware of tax scam emails that appear to be from the IRS. Scammers may go phishing for your private information by alerting you to a nonexistent refund or threatening you with an audit if you don’t respond. The IRS never uses email, texts or any social media to initiate contact with taxpayers. Report phishing at IRS.gov.

u Trained IRS-certified volunteers can do your taxes for free. Sites are located in many libraries, churches, malls, senior centers and other community locations. Most sites are less busy now, before the April filing rush. Call 1-800-906-9887 to see if you qualify for the free help and to find the closest site. u Check your refund status at IRS.gov using the updated “Where’s My Refund?” tool. There is also a free IRS2Go app for mobile devices. The IRS updates refund status once a night.

<p>While the filing deadline for 2012 tax returns is quickly approaching, a local financial planner said it's also important to plan for the next tax cycle.</p><p>“You can empower yourself by controlling the future,” said Peter G. Voisin, financial advisor for Ameriprise Financial in Hendersonville.</p><p>Taxpayers should be prepping for their next filing immediately, especially with all the changes in the tax code that will affect their 2013 filing.</p><p>“There should be realistic goal-setting that should be within your reach,” he said.</p><p>Voisin recommends working with a tax professional or online tax preparation software that helps the taxpayer to get ready for the next tax season.</p><p>For those still working on their 2012 tax returns, IRS spokesperson Dan Boone offers the following tips:</p><p>u E-filing taxes is fast, easy and accurate and for most people it's free, Boone said in a news release. The IRS' Free File partnership with several tax software companies allows most filers to prepare and e-file their returns free online. Filing for extensions is free as well through IRS Free File, but must be filed by April 15. </p><p>u Many lower-income workers, including rural residents and some grandparents raising grandchildren, miss out on the Earned Income Tax Credit each year. Even if you couldn't claim EITC on previous tax returns, changes in your income or marital status or having a child may allow you claim it for 2012. If you worked some part of last year and your household income was below $50,270, you may qualify for the EITC. Use the EITC Assistant at IRS.gov to find out.</p><p>u Beware of tax scam emails that appear to be from the IRS. Scammers may go phishing for your private information by alerting you to a nonexistent refund or threatening you with an audit if you don't respond. The IRS never uses email, texts or any social media to initiate contact with taxpayers. Report phishing at IRS.gov. </p><p>u Trained IRS-certified volunteers can do your taxes for free. Sites are located in many libraries, churches, malls, senior centers and other community locations. Most sites are less busy now, before the April filing rush. Call 1-800-906-9887 to see if you qualify for the free help and to find the closest site. u Check your refund status at IRS.gov using the updated “Where's My Refund?” tool. There is also a free IRS2Go app for mobile devices. The IRS updates refund status once a night.</p><p>For more information, visit www.irs.gov.</p><p>Reach Schulman at 828-694-7890 or mark.schulman@blueridgenow.com.</p>